Jo-Ann Stores Announces CEO Transition

August 12, 2014 02:42 PM Eastern Daylight Time

HUDSON, Ohio--(BUSINESS WIRE)--Jo-Ann Fabric and Craft Stores, the nation’s leading fabric and craft
retailer, announced today that Travis Smith is stepping down as the
Company’s President and Chief Executive Officer, effective immediately.

The Board of Directors is undertaking a comprehensive search to identify
a replacement Chief Executive Officer. Until a replacement has been
identified, Jim Kerr, the Company’s Executive Vice President and Chief
Financial Officer, will serve as Interim Chief Executive Officer of the
Company, while continuing in his current role as CFO. In his role as
Interim CEO, Mr. Kerr will partner with Riddi Kline, Executive Vice
President of Marketing and Merchandising, and Tom Williams, Executive
Vice President of Operations and Human Resources, to manage the
business. Collectively, these Executive Officers will leverage over
forty years of combined experience at Jo-Ann to continue executing on
the Company’s established strategic plan.

“On behalf of the Board of Directors, I want to thank Travis for the
positive role he has played in contributing to the growth of Jo-Ann
during his tenure at the Company,” said Todd Purdy, Partner, Leonard
Green & Partners, L.P. Mr. Smith joined Jo-Ann in July 2006 and has
served in various executive roles prior to being named CEO in August
2011.

“I am proud of our accomplishments at Jo-Ann,” said Mr. Smith. “Together
we have expanded the reach of Jo-Ann by growing the store base,
investing in omni-channel initiatives, and improving the customer
experience. I wish the Company and its employees all the best as I
pursue a new chapter in my career.”

About Jo-Ann Stores, LLC

Jo-Ann Fabric and Craft Stores, the nation’s leading fabric and craft
retailer with locations in 49 states, was founded in 1943 as a single
retail store. Today, more than 830 Jo-Ann stores across the country
provide consumers all the fabrics, craft supplies and inspiration they
need, conveniently under one roof. For additional information, visit Joann.com.
To make creative connections, visit Joann.com/community.

About Leonard Green & Partners, L.P.

Leonard Green & Partners, L.P. is one of the nation’s preeminent private
equity firms with over $15 billion of private equity capital raised
since inception. Founded in 1989, the firm has invested in over 70
companies with an aggregate value of over $85 billion in the form of
traditional buyouts, going-private transactions, recapitalizations,
growth capital investments, corporate carve-outs and selective public
equity and debt positions. Based in Los Angeles, California, Leonard
Green & Partners invests in established companies that are leaders in
their markets. For more information, please visit www.leonardgreen.com.